Monthly Minute with McCarthy’s – February

Hello and welcome to this monthâ€™s market review.
We have come to the end of a very long and hot summer with many of us hoping autumn will bring with it some cooler weather.
Speaking of hot, the property market has continued to be red hot and the summer selling season climaxed with a bumper auction weekend.
Local sales that caught out attention are:
58 Louisa Road Birchgrove sold prior to auction at $3.8m well above the guide price of $3.2.
A 3 bedroom apartment sold at $700,000 above reserve in Colgate Ave Balmain.
A 2 bedroom townhouse sold in Manning Street Rozelle, for close to $1.3 at around $150,000 above the guide price.
We have noticed that while the market is red hot the number of bidders on each property has dropped off; typically we are seeing around 2-3 interested parties in each property as opposed to 5-6 strong bidders last year.
We expect the market to continue in this manner for this quarter with a slowdown in the number of properties coming on the market as we head toward Easter in mid-April.
Until next time bye for now.